Cruising is one of the fastest-growing industries in the travel and tourism sector. The market continued to grow during the economic recession outperforming the rest of the holiday sector. In the past, cruising was seen as the preserve of the elderly, rich and famous. Today the number of cruise passengers is growing steadily and the industry has introduced products aimed at a wide range of customers, including families, young people and groups. Prices for many cruise products are declining with increase in competition among major tour operators. The market offers a wide variety of job opportunities to people from all backgrounds. Cruising tends to be more popular among consumers aged 55-64.
The largest cruise market is North America, followed by Europe and developing regions. In terms of growth, the number of passengers is increasing more rapidly in Europe in comparison with North America. Germany is the fastest growing cruise market in the world. Major cruising companies are increasingly setting their sights on emerging Asian markets, as growth in market demand and improving infrastructure continues to position Asia as a potential growth market in the cruise industry.
The present report offers a comprehensive analysis of the worldwide cruise market. The competition in the global cruise market is intense with few large players viz. Carnival Corporation, Royal Caribbean Cruises and Norwegian Cruise Lines. The competitive landscape of the global and regional cruise markets, along with the company profiles of the leading players are discussed in detail.
The key trends observed within the industry including rapidly evolving shipboard innovations, increasing technological innovation, big brand entertainment and expansion of facilities for disabled people. However, the industry remains threatened by certain challenges which include impact of global economic condition, acts of piracy and adverse incidents involving cruise ships. The major factors which will contribute in the growth of the industry include low penetration and rising employment rates.